At $8.36, would you dare to buy ETC? Developers are still working overtime to submit code, and the RSI has violently rebounded from 24.93 to 42.32, but the price is as still as a corpse. The Aave incident has caused a liquidity collapse in older cryptocurrencies, and capital has all rushed to AI and new public chains—retail investors are completely outraged: shouldn't this old thing be buried?
Brothers, today's content might make you want to curse, or it might give you a final bite of profit in your despair.
First, look at the surface: as stable as a dead dog, completely still.
In the past 24 hours, the price of ETC has fluctuated by 0.6%, but don't get too excited—the 30-minute candlestick chart tells you that it just fell from $8.77 to $8.36, a drop of 4.68%, with high volume followed by low volume consolidation. The MACD has crossed below the zero line, the OBV is declining, and the three black crows and hammer candlestick pattern tell you from a technical perspective: this thing will continue to fall.
First thing: the developer community is not dead.
ETC's GitHub contributions and on-chain activity have been ongoing. These tech enthusiasts are still working tirelessly on infrastructure, not because they're bored, but because they firmly believe that "code is law," and mining is justice. After Ethereum transitioned to Proof-of-Stake (PoS), ETC is the only "old-school tough guy" still adhering to Proof-of-Work (PoW).
Secondly: The 6-hour RSI indicator surged from 24.93 to 42.32.
What does this mean? 24.93 is extremely oversold, and 42.32 is a rebound signal. The technical indicator tells you: selling pressure is almost exhausted.
Thirdly: $8.30 is a key support level; a break below that would lead to $7.80.
This is not alarmist. The 30-minute candlestick chart shows that $8.30 is the last line of defense. If it holds, the rebound could reach $8.52; if it fails, it will head straight for $7.80, which is the real "graveyard."
On one hand, developers are stubbornly holding on, the RSI is rebounding violently, and they are upholding their PoW faith.
On one hand, there's capital rotation, a liquidity collapse, and widespread panic among retail investors.
The key level is 8.30; this is the final line of defense for both bulls and bears.
If you're a short-term trader: Consider a small position near 8.30 for a rebound, targeting 8.52. If it breaks below 8.30, cut your losses decisively. The next target is 7.80. Don't be greedy, don't hold on, and get out if it breaks down.
If you're a long-term trader: Build your position in batches now, keeping an eye on the 8.30 level. Add to your position if it drops to 7.80, and add more if it rises back to 8.52. The belief in Proof-of-Work (PoW) won't vanish overnight.
